REC Silicon – Extension of USD 30 million Facility Loan on Identical Terms
Moses Lake, Washington USA – June 14, 2024: REC Silicon Inc, a fully owned subsidiary of REC Silicon ASA (the “Company”) has extended its USD 30 million facility loan from Standard Chartered Bank in New York on identical terms as the existing facility loan.
The facility is fully guaranteed by REC Silicon's largest shareholder Hanwha Solutions and will mature on June 13, 2025.
“This facility is part of the overall financing plan for our operations and the ongoing restart and expansion initiatives. We are pleased to be able to secure funding at attractive terms with the support from our largest shareholder”, says CEO Kurt Levens.
As a leading producer of silane gases and silicon metals, REC Silicon is well positioned to capitalize on the global megatrends of digitalization, energy transition and energy storage. The Company has developed a strong market position in the semiconductor industry based on its operations in Butte. The reopening of the Moses Lake operations will enable REC Silicon to provide polysilicon to an emerging US solar PV value chain and potentially supply silane gas as anode material to a fast-growing EV battery industry in the US.
